Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-06-25
A WALL STREET PANIC
CAUSED BY MALICIOUS RUNORs OF GOULD's
DEATH.


change this morning became extremely ac-
tive and excited, with heavy declines.
The market opened with feeling OF
confidence in many of the stocks which
suffered so severely yesterday, and large
supporting orders were given all over the
room.
In few moments, however, there was
very heavy selling apparent, and report
was started that there had been o falling
out between Jay Gould and Russell Sage
and Cyrus W. Field.
At the same time Berdan offered some
heavy blocks of Manhattan stock which
were taken by Wright & Co., and in a
short period the sales of Berdan amounted
to 1000 shares, and Wright's purchases to
II, 600 shares. The sales were made at
about 156, but as soon as Wright x Co.
orders were filed the price broke to 14S4
and at that point Minzesheimer & Co. had
a stop order and they offered the stock
down 10 per cent without making q sale.
A rally did not occur until the price
reached 12O-a fall of 364 per cent from the
opening figures.
A REGULAR PANIC.
The room was crowded with brokers,
and the decline brought out selling orders
in all classes of securities. Western
Union, which held firm for awhile, began
to break about IL o'clock, and in fifteen
minutes dropped 8 per cent. The fall In
the otherstOeks was eOrrespOndingly great.
The greatest excitement was In the loan
crowd, where many inquiries were made
for loans on call, but the parties who have
been prominent in loaning money refused
to lend any amount, no matter how small.
The excitement reached its greatest
height shortly before noon and veritable
panic was developed. No attention was
paid by brokers to fractions in sales made
by them and fluctuations were so wild that
sales were sometimes from 3 to 10 per
cent. apart. The stocks bought near the
opening were thrown over when the break
occurred, and this selling completely de-
moralized spectators. Marking down OF
loans and delivery OF orders kept the clerks
and messengers fully rs busy rs the brok-
ers and the street was o scene Of more eX-
citement than has been witnessed since the
May panic of 1855.
The greatest declines so far recorded are:
Manhattan, 4O4 TO l16; Missouri Pacific,
IL to S3l; Cotton seed, Z to 80; Richmond
Terminal, Il to %; New England, to
45}e, and Lake Erie and Western, to 534.
GOULD AGAIN REPORTED DEAD.
The most intense excitement was created
by rumOr that Jay Geuld was dead. The
room during the panic was filed with ru-
mors of all kinds and kilograms from all
points followed each other in rapid success
sion, giving selling orders and inquirlng
about the many reports which were by this
| time circulated all over the country.
The increased short intereat saved the
room from a money panic by its demands
for stocks for delivery, and S. V. White
and many other large operators entered
the market and began buying freely. They
soon gathered q large following and the
| buying turned the market almost as rap
Iy rs it had fallen and stocks took long
| Jumps back to their former prices.
The report Of Jay GOuld's death seems
to have been circulated with a well de-
fined purpose to break the market, and
one broker was heard to say: 1T looks to
me as though Gould is trading on the news
OF his own death" When several intimate
acauaintances of Gould were asked If Mr..
| Gould was dead they shook their heads
ominously and gave eyasiye and mysteri-
Gus answers.
/ GOULD GIVES THE LIE TO RUMORS.
At 1850 D. IN. reporter of the AssO-
/ ciated Press saw Mr. Gould in his office
| and the latter furnished him with the fol-
lowing:
| To John J. RieyRdH:
The bulletin you are putting out that
my Manhattan stock IS in loan is a malic-
| ious falsehOOd. Not o share of my Man
haitian is in loan or has had my name on
the back, nor do / owe dollar in the
world. You should promptly contradict.
Yours truly,
| JAY GOULD.
| Mr.. Gould said further that the story
that he and Mr. Cyrus W. Field had quar-
relied was untrue; that he and Mr.. Field
were as good friends as ever. The rumor
that Mr.. Field is in trouble is also base
less.
| THE EXCITEMENT ABATISG.
| At one O'Clock the excitement seems to
have died out, and matters are quieting
down rapidly. Stocks continue to advance
slightly, Notwithstanding the heavy rate
for money.
Manhattan recovered 20 per cent Of its
loss, and other stocks generally recovered
about half the decline recorded.
| No failures were announced as the result
Of the break.
Russell Sage is quoted as having said
that money will be easier from this time
on.
els P. Mn most cases the greater part
Of she loss was recovered by one O'Clock,
Missouri Pacific making the greatest ad-
vance as measured by figures, although it
did not get within 3 per cent of the opening
price. Manhattan, on the contrary, lin
gered persisteDtly in the neighbOrhoOd of
its noon prices, with increasing strength.
The activity disappeared and by one
O'Clock the market was as dull as at any
time in the past few days. Toward 2 p.
M. there was q renewal of the heayineSs,
with more activity, but it again disap-
peared, and at 2:l5 the market is quiet
and firm.
2:SO D. m.-When the delivery hour
passed az the Stock Exchange without
bringing any annOuneents Of failures, the
street became more confident and buying
orders were received from all sources. The
bears attempted to cover at the same time
that the big operators like Schepp began
to buy, and the consequence was almost
\ all the loss sustained during the panic in
the morning was regained- Schepp bid
for blocks Of Eve thousand shares at a
time and Vanderbilt brokers made bids
for rs large blocks Of their specialtiesL
The trading for the day was the hveliest
remembered, the whole list having de-
elined and rallied Ave to twenty per cent
The feeling now is more eonadent and it
is generally thought that the losses are
widely scattered through the country and
are not confined 10 the city, as In previous
panics- Money i still scarce, even at the
high rates charged, and this is considered
the worst feature Of the market. The
market closed 6rm but quiet at the ad-
vance.
pyRuS " YIELD TALKS.